Famous LA-based realtor Edward P. Roski, Jr. has bought the June Lake Rodeo Grounds - the biggest undeveloped lot in all of the Mammoth Lakes area - from Intrawest for a reported $2 million in an all-cash deal down from an asking price of $2.9 mil. Roski is president and chair of Majestic Realty Co., one of the largest privately held real estate companies in the States, and according to the Mammoth Times, his family has owned second homes in June Lake for several generations, part of the impetus for the deal. He is also half-owner of the Los Angeles Kings hockey team. The only details about Roski's plan for the 87 acre lot adjacent to the base of June Mountain are that he intends to develop it only when it's a "good project for June Lake" that involves the community. Roski has also said that given the "tiny" scale of the project compared to Majestic's enormous portfolio and his family's affection for the June Lake area, they don't intend to aim for a "giant moneymaker."
The property has been the subject of years of scrutiny, starting back when Intrawest bought the property and proposed building a self-contained village with 400,000 square feet of residential development, 25K square feet of retail, and a high-speed gondola directly connecting the village to the base of June. More recently, Mammoth Mountain Ski Area CEO Rusty Gregory has pushed for June Lake to develop the property, claiming that their ski mountain won't be a success until another 1,000 beds are built in town. With all the town's talk about wanting more say about what happens to their ski mountain and their town, they must be at least partly relieved that the potential developer has a soft spot for June, is not Rusty Gregory, and with a net worth of $3.7 billion, little incentive to run the place over for the sake of a development that's barely a blip on the radar compared to his other pet project: bringing a football team (and stadium) to LA. Although according to Curbed LA, he may soon be forced to focus his efforts elsewhere.
· Rodeo Grounds sold; buyer is not Mammoth Mountain ski area [Mammoth Times]
· June Lake Rodeo Grounds parcel sells for $2 million [The Sheet]